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Tax implications in a high-net-worth divorce

The legal news magazine InsideCounsel recently shined a spotlight on one aspect of divorce that ranks supremely important to some soon-to-be exes, namely, tax implications that result from a dissolution.

Of course, those can be large, as noted by the publication, especially for couples involved in a high-asset decoupling. Given the added wealth sources and layered complexity inherent in many high-dollar divorces, notes InsideCounsel, "the issue of tax is a big one" for separating couples.

The magazine points to the recent high-profile divorce of uber-celebrities Brad Pitt and Angelina Jolie to make the point, noting that their divorce "brings to light many of the complex and difficult issues that people deal with in divorce on a daily basis."

As pointed out, the article's thrust is on divorce-related tax ramifications that potentially loom large for the splitting stars and for many well-heeled family law clients.

Those often center on issues related to children, with one article commentator noting that "child support and child custody presents one of the most significant tax concerns." In many instances, too, tax implications can be triggered by the disposition of real property, which can spell multiple holdings in many high-asset divorces.

The article additionally points out that the timing of divorce can be important regarding tax matters, given that tax filing status is determined in most states by marital status on the final day of a calendar year.

We note on our family law website at the Law Offices of Lisa A. Ruggieri, P.C., that, in Massachusetts, "Divorce tax issues require a keen eye and an in-depth understanding of both family law and tax law."

Our advocacy for high-asset clients is centrally driven by that coupled knowledge and on-point experience, which we seek to deliver for every client in every case.

We welcome questions to the firm and the opportunity to fully promote the legal interests of those who seek our assistance.

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